MANILA, Philippines – International Container Terminal Services Inc. (ICTSI) posted a 29 percent increase in its net income attributable to equity holders in the first quarter of the year.
In a disclosure to the stock exchange, ICTSI said net income surged to $52.4 million (about P2.4 billion) in the first quarter of 2014 from the $40.7 million it posted in the same period last year.
The Razon-led port operator said the higher net income was mainly due to the one-time gain on sale of Cebu International Container Terminal Inc., a non-core asset.
Excluding the one-time gain, together with the off-setting higher interest on concession rights payable arising from a new concession contract, and the higher depreciation, amortization and start-up expenses from new terminals, ICTSI’s net income would have still been up 6 percent at $45.1 million.
Revenue from port operations grew 19 percent to $248.9 million in the first quarter of 2014 from $209.3 million in the first quarter of 2013.
The revenue growth was attributed to higher storage revenues and ancillary services, favorable volume mix, tariff rate increases in certain terminals, new and renegotiated contracts with shipping lines and forwarders.
New terminals in Manzanillo, Mexico and Puerto Cortes, Honduras also made contributions to the revenue growth.
ICTSI’s seven terminal operations in Manila, Brazil, Poland, Ecuador, Madagascar, China and Pakistan accounted for 76 percent its consolidated revenues in the first quarter of 2014.
Earnings before interest, taxes, depreciation and amortization (EBITDA), meanwhile, jumped to $103.6 million, a 6 percent increase from the $97.5 million generated in the first quarter of 2013.